Loading chat...
MN HF421
Bill
Status
2/7/2013
Primary Sponsor
Duane Quam
Click for details
AI Summary
-
Establishes a hydroelectric revitalization revolving loan program administered by the Department of Commerce to provide zero-interest loans to owners of small hydroelectric projects (less than 100 megawatts) for lake dredging to increase water flow and electricity generation.
-
Loan repayment structured at 1.5 cents per kilowatt-hour of electricity produced, with repayment terms up to 20 years and quarterly payments to the state.
-
Transfers $5,000,000 annually from the renewable development account (funded by nuclear plant operators) to the hydroelectric loan program account for July 1, 2013 through July 1, 2016.
-
Requires loan applicants to submit detailed information including project location, dredging scope, cost estimates, historical electricity generation, and expected generation increases.
-
Mandates the Commissioner of Commerce report biennially to legislature on loan recipients, loan amounts, repayment status, and estimated electricity generation increases achieved through the program.
Legislative Description
Hydroelectric energy project revolving loan fund established to facilitate the dredging of lakes to improve water flow, report required, funding provided, and money appropriated.
Last Action
Introduction and first reading, referred to Energy Policy
2/7/2013